Markets & Finance

Children's Place Falls


Children's Place (PLCE) posted a 35-cent second-quarter loss vs. a 38-cent loss on a 3% same-store sales rise, and a 24% total sales rise. The retailer says its outlook remains cautious given the challenging retail environment. S&P upgraded to avoid from sell.

Cerner (CERN) will acquire BeyondNow Technologies. The deal is expected to be non-dilutive to 2003 earnings per share, and slightly accretive to 2004 earnings per share. Terms are undisclosed. WR Hambrecht upgraded to buy from hold.

Clean Harbors (CLHB) posted a 57-cent second-quarter loss vs. 3 cents earnings per share as volume shortfalls in the landfill business and other softness in waste disposal volumes offset sharply higher revenues. Clean Harbors revised its loan deals. It sees $155 million to $170 million in third-quarter revenues, and $630 million to $660 million in 2003.

Target (TGT) posted 39 cents vs. 38 cents second-quarter earnings per share on a 1.5% same-store sales rise, and a 9.1% total revenue rise.

BearingPoint (BE) posted 4 cents fourth-quarter earnings per share vs. breakeven on a 36% net revenue rise, below guidance. The consulting firm will restate first-quarter through third-quarter earnings due to acquisition-related and other accounting adjustments.

The U.S. Securities and Exchange Commission commenced a formal investigation of MetLife's (MET) New England Securities Corp. unit in response to the unit informing the SEC that certain systems and controls relating to one advisory program were not operating effectively. S&P keeps accumulate.

Imperial Sugar (IPSU) posted 34 cents vs. 28 cents third-quarter earnings per share despite flat revenues.

Brokerage firm Kirlin Holding (KILN) posted 71 cents second-quarter earnings per share vs. an 18-cent loss on a 27% revenue rise.

Sensytech (STST) posted 16 cents vs. 16 cents third-quarter earnings per share despite a 45% revenue rise. The maker of electronics and technology products for the defense industry says the challenge of closing its New Jersey facility while simultaneously opening its Fairchance operations will be complex and demanding for the next two quarters.

SoundView upgraded Texas Instruments (TXN) to outperform from neutral.

American Eagle Outfitters (AEOS) posted 11 cents vs. 14 cents second-quarter earnings per share on a 5.5% consolidated same-store sales decline.

Flextronics (FLEX) will acquire Microcell Group. Terms: $80 million in cash; Microcell shareholders, under certain circumstances, may opt to receive Flextronics shares. Flextronics will assume $120 million in net liabilities.

Brocade Communications (BRCD) posted 1 cent vs. 8 cents third-quarter earnings per share on a 12% revenue drop.

Hair-salon chain Regis (RGS) is in a $3.225 million deal with the U.S. Equal Employment Opportunity Commission to settle allegations of discrimination in its Supercuts unit. Regis will reduce fourth-quarter and fiscal 2003 net income by $2.1 million, or 46 cents per diluted share. Regis maintains the previous earnings guidance for the fourth quarter and fiscal 2003.

CompuCredit (CCRT) posted 42 cents second-quarter earnings per share vs. an 80-cent loss. It notes second-quarter net interest margin was 16.4% vs. 13.1% in the second quarter of 2002.

Urban Outfitters (URBN) posted 47 cents vs. 32 cents second-quarter earnings per share on ab 11% same-store sales rise, and a 22% net sales rise.

Watson Wyatt (WW) postponed reporting its fourth quarter and fiscal 2003 results pending completion of its yearend audit, to coincide with the filing of Form 10-K with the SEC on or before Sept. 29. Watson Wyatt notes certain billing irregularities were discovered.

Amylin Pharmaceuticals (AMLN) posted a 40-cent second-quarter loss vs. a 34-cent loss despite $17.4 million in revenue under a collaborative agreement with Eli Lilly, vs. no revenue from collaborative agreements a year ago.

Hovnanian Enterprises (HOV) will be added to the S&P MidCap 400 after the close of trading Aug. 15, replacing Airborne, which is being acquired by Deutsche Post.

McDermott (MDR) will be replaced in the S&P 500 by Medco Health Solutions (MHS) after the close of trading Aug. 19. Merck (MRK) is spinning off the Medco unit to its shareholders.


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